The U.S. Department of Homeland Security approved the application that was made by the Albany-based Center for Economic Growth, a regional economic development organization.

"With this approval, the Capital Region will be more attractive than ever before to businesses from overseas interested in expanding their investments here in the United States," Gov. Cuomo said.

The federal government's EB-5 program, created by Congress in 1990, offers permanent residence to individuals who invest at least $500,000 in a business that creates at least 10 jobs within two years of the foreign investor's admission to the United States.

"The approval of an EB-5 Regional Investment Center for the Capital Region is another important business attraction and investment tool," said F. Michael Tucker, president and CEO of the Center for Economic Growth. "The regional center is an asset for job creation and further bolsters our region's global stature as a destination for international business, talent and students."